Sam Darwish, a US-Nigerian telecom mogul and co-founder of IHS Holdings, has seen his ownership in the company shrink significantly as the shares of the biggest telecom infrastructure provider on the New York Stock Exchange have continued to fall.
According to data gathered by billionaires.Africa, Darwish’s stock in IHS Holdings has decreased by $16.61 million in the last 17 days, suggesting a pattern of investors selling their shares in the company.
The collapse follows a $6-million loss he incurred between January 1 and January 12, when the market value of his investment in IHS Holdings fell from $64.2 million to $58.2 million.
Darwish founded IHS Holdings in 2001, and it has since established itself as the leading telecom infrastructure business in Africa, Europe, Latin America, and the Middle East. Based on tower count, it is the world’s third-largest independent multinational tower company.
Since January 16, IHS shares on the New York Stock Exchange have declined by 27.17%, from $4.38 to $3.19 at the time of reporting. This has resulted in a market value below $1.10 billion and huge losses for stockholders.
Darwish, the chairman and CEO of IHS and one of the top personalities in the African telecom business, owns a significant 4.17 percent ownership in the company, which equates to 13,958,158 ordinary shares.
In the previous 17 days, a double-digit slide in IHS Holdings shares has resulted in a $16.6-million reduction in Sam Darwish’s investment, which has fallen from $61.14 million on January 12 to $44.53 million as of this report.
Despite the current dip, IHS remains hopeful about meeting its 2024 objectives. The company’s enormous tower network and strategic acquisitions have firmly established it as a prominent participant in the global telecom infrastructure sector. Despite the reduction in his ownership, Darwish remains a prominent role in the worldwide telecom business.